Millennials turn to parents for money, parents financially stressed
(WSLS 10) - Millennials are sticking close to their parents' wallets.
According to a new survey by Suntrust Bank, a quarter of millennials, or those between the ages of 21 and 34, still need parents to help them out with money.
Seventy-two percent say they would have trouble paying their bills if their parents did not help, which makes it difficult for some parents.
The most common things parents pay for are cell phones, car and medical insurance and rent.
The problem is that about half say picking up the tab for their kids is causing them financial stress.
Experts say to have a conversation with your kids and set a date to cut the financial cord.
"It's easier said than done," says Brian Ford of Suntrust. "We love our children, but it's really about doing those things in the interim, to set them up for success when you are out of the financial picture."
Experts say to set up three separate savings accounts, one for major purchases, one for emergencies and one for investing.
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